September 12, 20186 yr This is unfortunate.... September 12, 2018 11:23 AM UPDATED 5 MINUTES AGO Myers Industries is preparing to leave Akron for Cleveland Longtime Akron-based Myers Industries Inc. is looking to move to downtown Cleveland. The plastics manufacturer and tire service supply company has its sights set on 40,000 square feet in North Point Tower at East Ninth Street and Lakeside Avenue. The move would eventually bring 140 jobs to downtown Cleveland. At a meeting on Wednesday, Sept. 12, of the Cuyahoga County Community Improvement Corp. (CCCIC), Kevin Gehrt, Myers vice president of human resources, told the loan approval committee that the company started a wider site search after it couldn't find the kind of space it was looking for in downtown Akron. MORE: http://www.crainscleveland.com/real-estate/myers-industries-preparing-leave-akron-cleveland "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 12, 20186 yr Hmmm that doesn't sound right....They've been reducing the number of employees (by a lot) at Skylight and moving them to Midland or Hinckley Pkwy. This is more accurate. I wonder though if Hinckley Pkwy is a temporary solution - it isn't a popular location among the employees that I know.
September 12, 20186 yr This is unfortunate.... September 12, 2018 11:23 AM UPDATED 5 MINUTES AGO Myers Industries is preparing to leave Akron for Cleveland Longtime Akron-based Myers Industries Inc. is looking to move to downtown Cleveland. The plastics manufacturer and tire service supply company has its sights set on 40,000 square feet in North Point Tower at East Ninth Street and Lakeside Avenue. The move would eventually bring 140 jobs to downtown Cleveland..... How or why is this unfortunate? This is a good thing. Also, is Myers a Fortune 500 or 1000 firm?
September 12, 20186 yr This is unfortunate.... September 12, 2018 11:23 AM UPDATED 5 MINUTES AGO Myers Industries is preparing to leave Akron for Cleveland Longtime Akron-based Myers Industries Inc. is looking to move to downtown Cleveland. The plastics manufacturer and tire service supply company has its sights set on 40,000 square feet in North Point Tower at East Ninth Street and Lakeside Avenue. The move would eventually bring 140 jobs to downtown Cleveland..... How or why is this unfortunate? This is a good thing. Also, is Myers a Fortune 500 or 1000 firm? Unfortunate for Akron.
September 12, 20186 yr This is unfortunate.... September 12, 2018 11:23 AM UPDATED 5 MINUTES AGO Myers Industries is preparing to leave Akron for Cleveland Longtime Akron-based Myers Industries Inc. is looking to move to downtown Cleveland. The plastics manufacturer and tire service supply company has its sights set on 40,000 square feet in North Point Tower at East Ninth Street and Lakeside Avenue. The move would eventually bring 140 jobs to downtown Cleveland..... How or why is this unfortunate? This is a good thing. Also, is Myers a Fortune 500 or 1000 firm? Unfortunate for Akron. It does nothing for region as a whole unless Myers would have left the region altogether.
September 12, 20186 yr The more attractive downtown Cleveland is as a major employment/entertainment center, the better off the region as a whole will be long term.
September 12, 20186 yr I don't like taking from our little brother down the road. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 12, 20186 yr I don't like taking from our little brother down the road. I tend to share that sentiment... However, at a certain point, we have to become a bit of a bully regionally. Columbus or Pittsburgh would have no issue doing it to us. I know we all think of Akron as this massive suburb, but it's still a regional competitor - albeit much closer than any other metro. I want what's best for Akron, as the people in that town are great. But hey - I'll take business from anywhere.
September 12, 20186 yr I have no problem with Greater Cleveland-Akron-Canton taking an employer from Greater Columbus or Greater Pittsburgh. Yes, I consider Akron and Canton as part of the Cleveland family. I don't consider them as suburbs. Many metro areas around the world are polycentric when it comes to employment/residential nodes. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 12, 20186 yr I don't like taking from our little brother down the road. I tend to share that sentiment... However, at a certain point, we have to become a bit of a bully regionally. Columbus or Pittsburgh would have no issue doing it to us. I know we all think of Akron as this massive suburb, but it's still a regional competitor - albeit much closer than any other metro. I want what's best for Akron, as the people in that town are great. But hey - I'll take business from anywhere. Also, our "little brother" down the road would happily take from us. Don't forget our "little brother" helped kill the UA hub in CLE by their campaign to steal passengers for years from Hopkins--even putting up signs in Downtown Cleveland slamming Hopkins for people to use CAK.
September 12, 20186 yr They stated that they couldn't find the space they needed in Akron, so I would assume they would have left the region had Cleveland not had something they liked.
September 12, 20186 yr OK you're right. People suck. Let's just run over everyone for money. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 12, 20186 yr The article states they were also looking at Elkhart, In as a potential site...
September 12, 20186 yr The article states they were also looking at Elkhart, In as a potential site... I am glad they stayed in NE Ohio and, especially, moved to a downtown. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 12, 20186 yr KJP, I agree that the region needs to grow organically. That being said, I also agree that because Cleveland has been maligned for so long, the region took advantage and effectively pulled companies out of downtown. My view is that downtown Cleveland is now much better equipped to compete to retract a percentage of business that outmigrated. I see the movement back to downtown as a positive because a strong central core will make the region more competitave. Smaller local cities such as Akron and Cleveland suburbs have canalized downtown, and from where I sit, has stunted regional growth. Regional companies moving back to the major core is not remotely new because it is happening across the country including cities such as Detroit, Columbus and New York. I fundamentally believe that an agglomerate of business in a focused central area will better strengthen and position the greater metropolitan area to compete on a more broadly. Communities such as Akron and Elyria will benefit with a strong Cleveland core.
September 12, 20186 yr Agreed. Just having a bad day on the stock market. So just because I say everyone needs to die, don't take it personally. ;) "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 12, 20186 yr From the ABJ....... Akron-based Myers moving up to 140 jobs to Cleveland Published: September 12, 2018 - 4:48 PM By Doug Livingston and Jim Mackinnon Beacon Journal/Ohio.com Citing the desire for a shorter walk for lunch, a company in Akron for 85 years is moving its corporate headquarters and highest paying jobs to Cleveland. Akron city officials say Myers Industries Inc., a maker and distributor of plastic and tire parts, will vacate its administrative offices at 1293 S. Main St. near the developing Firestone Business Park. The six-figure office jobs will land in 40,000 square feet of professional office space at North Point Tower on the edge of Lake Erie in downtown Cleveland. The fate of the 100 warehouse jobs left behind has yet to be determined. MORE: https://www.ohio.com/akron/news/local/akron-based-myers-moving-up-to-140-jobs-to-cleveland "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 12, 20186 yr Every little bit helps in Class A office vacancy. It seems Class A is pretty tight in Cleveland at the moment. Maybe this helps speed along NuCLEus?
September 13, 20186 yr Also, is Myers a Fortune 500 or 1000 firm? No, their sales are about $600 million. The last company on the Forbes 1000 does about $1.7 billion. Remember: It's the Year of the Snake
September 13, 20186 yr Every little bit helps in Class A office vacancy. It seems Class A is pretty tight in Cleveland at the moment. Maybe this helps speed along NuCLEus? "Class A" is so loosely defined here in Cleveland. There are truly only 3 buildings - EY Tower, Key Tower and 200 Public Square - that are Class A. EY Tower is pretty much full. Some space available but most is reserved as expansion for main tenants. Can't comment on Key Tower or 200 PS.
September 13, 20186 yr When Milennia bought Key Tower early last year, it reported that incoming tenant Forest City would push occupancy above 95 percent in 2018. http://realestate.cleveland.com/realestate-news/2017/01/key_tower_returns_to_local_own.html When New York Life moved from Lakewood to downtown in 2016, it pushed occupancy above 90 percent at 200 Public Square. I haven't seen more recent data than that, but it should be available somewhere considering the building is on the market. https://www.cleveland.com/business/index.ssf/2016/04/new_york_life_will_move_xxx_jo.html Other buildings, including very historic ones, can be brought up to Class A standards with the addition of technology enhancements and tenant amenities. For example, the GBX Group headquarters on Superior at East 21st is a Class A building even though it is 105 years old.... http://www.freshwatercleveland.com/features/GBX051718.aspx "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 26, 20186 yr BOOM! The momentum in downtown Cleveland is remarkable.... PNC plans to move 500 suburban workers to downtown Cleveland Updated 5:07 PM; Posted 5:06 PM By Michelle Jarboe, The Plain Dealer [email protected] CLEVELAND, Ohio - PNC Financial Services Group, Inc., expects to move 500 jobs from the suburbs to downtown Cleveland by the end of this year. Paul Clark, PNC's regional president, disclosed the news with little fanfare during brief remarks at a Downtown Cleveland Alliance event Wednesday afternoon. He was introducing a discussion about a new report on demand for downtown housing. After the moves, Clark said, the PNC Center office building at East Ninth Street and Euclid Avenue will be full for the first time in years. MORE: https://www.cleveland.com/business/index.ssf/2018/09/pnc_plans_to_move_500_suburban.html "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 26, 20186 yr Are these jobs coming from Tiedemann Rd? Do they have a offices there? Or are you thinking of Key? The only PNC offices I know of outside of downtown are at West 150th, but that's in the City of Cleveland. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 26, 20186 yr Interesting tweets from @DowntownCLE “Our trend is we are moving more people to Cleveland. We’ll continue to need more housing.” - Lydia Shinn - Manager, Corporate Recruitment, Medical Mutual of Ohio “They are looking for housing in their building where they don’t have to get in a car to eat or find entertainment.” - Lydia Shinn on what talent is looking for in amenities when they move here "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 26, 20186 yr We must be inching closer to new construction. Stark, Pace, Weston, hope someone pulls the trigger. Announcements usually come before the end of the year, I am hoping for something soon.
September 26, 20186 yr Are these jobs coming from Tiedemann Rd? Do they have a offices there? Or are you thinking of Key? The only PNC offices I know of outside of downtown are at West 150th, but that's in the City of Cleveland. They currently have a big office on Green Rd in Highland Hills. I imagine the vast majority of those 500 will be moving from there.
September 27, 20186 yr They currently have a big office on Green Rd in Highland Hills. I imagine the vast majority of those 500 will be moving from there. Hopefully that means more Shaker Rapid riders. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 27, 20186 yr Great news. 500 x 45,000 (average per job?) x 2.5% income tax =$562,000 in city income tax alone from these employees, not to mention the broader benefits---more people downtown, more support of restaurants and other retail, and more vacant Class A office space absorbed adding pressure for a new tower.
September 27, 20186 yr PNC also has a technology center right across from the Islander Apartments on Sprague Road (Mohawk Drive actually) in Strongsville. It no doubt contributes to the popularity of the Islander for Indian IT professionals. Not sure if those jobs would be in play for a move to downtown?
September 27, 20186 yr Unless SHW gets a lease-to-buy option on a new HQ built by a developer, it's going to be very difficult for SHW to justify a new HQ unless it creates positive returns.... Is Sherwin-Williams's Debt Getting Better or Worse? https://marketrealist.com/2018/09/is-sherwin-williamss-debt-getting-better-or-worse "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 27, 20186 yr At the end of the second quarter, Sherwin-Williams’s (SHW) debt was at $10.37 billion—marginally lower compared to the debt at the end of 2017. ... Sherwin-Williams’s debt has declined from the all-time high of $11 billion. How much would a new headquarters cost, maybe a billion? At the rate they are expiring debt from the Valspar acquisition, they could be ready to take on additional debt in a couple years. For that to be the case they have to be planning the consolidation now.
September 27, 20186 yr Unless SHW gets a lease-to-buy option on a new HQ built by a developer, it's going to be very difficult for SHW to justify a new HQ unless it creates positive returns.... Is Sherwin-Williams's Debt Getting Better or Worse? https://marketrealist.com/2018/09/is-sherwin-williamss-debt-getting-better-or-worse Over-leveraged companies are not unusual, especially in times of expansion
September 27, 20186 yr How much would a new headquarters cost, maybe a billion? At the rate they are expiring debt from the Valspar acquisition, they could be ready to take on additional debt in a couple years. For that to be the case they have to be planning the consolidation now. Downtown Cleveland construction costs range from $230 per square foot for the 34-story Lumen apartment tower to $400 per square foot for the 32-story Hilton hotel. Let's say a new Sherwin Williams HQ is 1 million square feet (which might meet their minimum needs). If so, and we use the $400 per sf figure, a new office tower could be about $400 million. A bigger tower might be needed to allow for expansion. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 27, 20186 yr $500-$600 million is a pretty good range depending on height, quality of finishes, complexity of design, etc. For a recent Ohio example, Great American Tower in Cincy is 800,000 square feet and 665 feet tall and was built for a cost of $322 million back in 2011, or about $368 million in today's dollars.
September 27, 20186 yr Over-leveraged companies are not unusual, especially in times of expansion And this follow-up article shows that SHW is generating significantly greater free cash flow to reduce that debt. A very positive sign. If final FY2018 data and projections shows that continuing, we might see SHW revisit consideration of building a new HQ... Sherwin-Williams's Free Cash Flow Could Reduce the Debt https://marketrealist.com/2018/09/sherwin-williamss-free-cash-flow-could-reduce-the-debt "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 27, 20186 yr How much would a new headquarters cost, maybe a billion? At the rate they are expiring debt from the Valspar acquisition, they could be ready to take on additional debt in a couple years. For that to be the case they have to be planning the consolidation now. Downtown Cleveland construction costs range from $230 per square foot for the 34-story Lumen apartment tower to $400 per square foot for the 32-story Hilton hotel. Let's say a new Sherwin Williams HQ is 1 million square feet (which might meet their minimum needs). If so, and we use the $400 per sf figure, a new office tower could be about $400 million. A bigger tower might be needed to allow for expansion. If they build an actual singular tower, then the costs would easily be between $500 million and 1 billion. Key tower is about 1.5 million square feet and cost $300 million in late 80s dollars. It sounds like SW would need around that same amount if they were consolidating everything into the aforementioned singular tower.
September 27, 20186 yr A SW campus on the Scranton Peninsula would obey their founding charter's distance requirements and probably be more affordable. It would rob us of a tower, though. Look at how peeved Cincy is that Proctor and Gamble has those two little towers instead of something more prominent
September 27, 20186 yr I don't think I ever heard a single person make that statement in the decade I lived in Cincy. There was (justified) criticism of the sprawling nature that robbed 5th of street life, but not about a lack of a singular tower.
September 27, 20186 yr Wow. That's a tough call. I don't know which I would want more -- Sherwin Williams consolidated into a 50-story tower on Public Square or a collection of multiple riverside buildings on the now-eyesore Scranton Peninsula, designed in the attractive manner as shown in the Thunderbird brochure. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 27, 20186 yr Downtown Cleveland construction costs range from $230 per square foot for the 34-story Lumen apartment tower to $400 per square foot for the 32-story Hilton hotel.... Why such a difference in costs?
September 27, 20186 yr Downtown Cleveland construction costs range from $230 per square foot for the 34-story Lumen apartment tower to $400 per square foot for the 32-story Hilton hotel.... Why such a difference in costs? Lumen project had no sitework. Excavation, foundations, utilities all in place already. Just go vertical atop the garage...
September 27, 20186 yr I don't think I ever heard a single person make that statement in the decade I lived in Cincy. There was (justified) criticism of the sprawling nature that robbed 5th of street life, but not about a lack of a singular tower. Maybe I'm biased. A couple college friends from Cincy RANTED about it when we would have typically city rivalry jesting - noting that we had the tallest building in the state.
September 27, 20186 yr Downtown Cleveland construction costs range from $230 per square foot for the 34-story Lumen apartment tower to $400 per square foot for the 32-story Hilton hotel.... Why such a difference in costs? Lumen project had no sitework. Excavation, foundations, utilities all in place already. Just go vertical atop the garage... Are you confusing Lumen with Beacon?
September 27, 20186 yr A SW campus on the Scranton Peninsula would obey their founding charter's distance requirements and probably be more affordable. It would rob us of a tower, though. Look at how peeved Cincy is that Proctor and Gamble has those two little towers instead of something more prominent If SW wanted a campus on the water, they already own 10 acres of land on the riverfront around their technology center. What is SW more likely to do -- (1) build new on the riverfront, (2) consolidate into a new skyscraper, (3) build over the rail lines adjacent to Landmark, (4) nothing at all?
September 27, 20186 yr Downtown Cleveland construction costs range from $230 per square foot for the 34-story Lumen apartment tower to $400 per square foot for the 32-story Hilton hotel.... Why such a difference in costs? Lumen project had no sitework. Excavation, foundations, utilities all in place already. Just go vertical atop the garage... Are you confusing Lumen with Beacon? Yes, sorry - Beacon is the one on Euclid atop the garage. Lumen is the one at PHS, right?
September 27, 20186 yr Yes, sorry - Beacon is the one on Euclid atop the garage. Lumen is the one at PHS, right? Right.
September 27, 20186 yr Yes, sorry - Beacon is the one on Euclid atop the garage. Lumen is the one at PHS, right? Right. I guess I never thought about how similar these names are.
September 27, 20186 yr Interestingly Crain's Cleveland Business has a sports article about the Browns but no article about 500 jobs relocating to downtown.
September 28, 20186 yr More details..... PNC moving employees from eastern suburbs to downtown, W. 150th https://articles.cleveland.com/business/index.ssf/2018/09/pnc_moving_employees_from_east.amp "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
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